7879 sees 977% increase in jewellery sales in Y1 with revenue “set to double” in 2023
British jewellery brand 7879, founded by Secret Sales Co-Founder Sach Kukadia, has today reported a 977% increase in sales from Q1 to Q4 as first year revenues hit £1.5m in 2022, with revenue numbers “set to double to £3m in 2023”.
No longer involved with Secret Sales, which is now owned by Lifestyle Retail Group (LRG), Kukadia launched the 7879 gold and platinum jewellery business in November 2021 with former Engineering Leader of BCG Digital Ventures, Ben Flowers.
7879 secured £5.5m in seed funding in November 2022 – in a funding round led by Anglo American PLC – as Kukadia and Flowers “set out to disrupt the gold business” with investment focussed jewellery.
The company has seen average order values increase to £500, while repeat customers have contributed almost 50% of revenue numbers over the last year with some customers buying up to 19 times within a few months.
Strong sales and brand awareness have also been built through pop-up spaces in Harrods – which launched last November – and Selfridges in April 2022.
Kukadia said: “We had a brilliant first year and are set to take off in 2023. Consumer behaviour post pandemic has shifted towards smart purchases that may offer reduced risk. Our jewellery will hold monetary value forever and we believe jewellery should be viewed with the same investment thesis as property, wine or fine art.
“It is clear consumers want value exchange with every purchase; not only do we promise liquidity at any time but we sell jewellery pieces produced using a superior purity, for a fraction of the price, as well as a guaranteed sustainability promise.
“Furthermore, at a time of significant economic uncertainty, we believe selling jewellery transparently – not just in terms of pricing but also in quality – is key to paving the way to a sustainable future.”
The 7879 collection, comprises unisex pieces in weighted and solid 24-karat recycled gold or responsibly mined platinum, is designed in-house, with each piece hand finished, ASSAY office approved, hallmarked, certified and authenticated for the purity of metal. Every piece bought from 7879 comes with a lifetime warranty as well as having the benefits of being hypoallergenic and antimicrobial.
Ben Flowers, CTO and Co-Founder of 7879, added: “Gold and platinum landed on earth in a colossal meteor shower 4 billion years ago and in its purest form, it is antimicrobial and hypoallergenic, making our jewellery perfectly positioned in a world of heightened sanitisation post pandemic.”
All 7879 items are made from investment grade bullion and responsibly mined platinum and are priced transparently by weight in real-time, according to the international bullion market.
When items are sold back to 7879, the company melts the items down and repurposes the metal into new pieces, “creating a circular ecosystem with a focus on sustainability”.
7879 plans to quickly expand abroad in the first half of 2023, driven by demand from brand partners and retailers in the USA, Europe and the Middle East. New product launches are planned every month “with a focus on everyday wear”.
Listen to TheIndustry.fashion's podcast with Sach Kukadia, Founder & CEO, 7879.